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Diana Shipping enters an agreement with BNP Paribas that sets seventeen of its vessels unencumbered

Published by , Assistant Editor
Dry Bulk,

On 20 June 2018, global shipping company Diana Shipping Inc. signed a term sheet with BNP Paribas for a five-year loan facility of up to US$75 million, subject to loan documentation.

According to dry bulk shipping specialist, the proceeds from the loan facility together with available cash are to be used to voluntarily prepay in full the balance of US$130 million of the existing credit facility with BNP Paribas. The new loan facility will result in 17 of the company’s vessels being unencumbered.

As of this agreement, the combined carrying capacity of the company’s fleet is approximately 5.8 million DWT with a weighted average age of 8.84 years.Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (4 newcastlemax, 14 capesize, 5 post-panamax, 5 kamsarmax and 22 panamax).

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